Integrity Life will remove premium loadings for monthly policies from today, saying it has also stopped charging “unnecessary, additional fees” to pay monthly insurance premiums for all new business.

The move means clients no longer have to shoulder extra cost for paying premiums on a monthly basis.

“The long-standing industry practice of charging additional loadings when premiums are paid monthly just doesn’t stack up anymore,” GM of Sales, Marketing, CX and Product Russell Hannah says.

“It imposes an unnecessary cost on policyholders at a time when affordability is such a critically important consideration for most everyday Australians.”

CEO and MD Sean McCormack says the changes represent a “significant shift” in focus for the insurer.

“As a digital first insurer we have both the capability and modern customer experience that is aligned with what these everyday Australians expect and need in our changing and evolving world,” he said.

“Life insurance can’t remain analog in the digital age, and this is a further step to help provide protection for more Australians.”